Access Holdings Plc has confirmed that its planned acquisition of South Africa’s Bidvest Bank Limited will not proceed as initially structured after the transaction failed to close before its agreed deadline.
In a corporate filing submitted Tuesday to the Nigerian Exchange Limited and signed by Company Secretary Sunday Ekwochi, the group disclosed that the long-stop date for the deal expired on 26 January 2026 without all required conditions being met.
Access Holdings had announced in December 2024 that its subsidiary, Access Bank Plc, entered into a binding agreement with Bidvest Group Limited to acquire a 100 per cent equity stake in Bidvest Bank. The transaction was positioned as part of the group’s broader African expansion strategy.
However, the company stated that certain conditions precedent, including regulatory approvals across multiple jurisdictions, were not fully satisfied before the deadline lapsed.
According to the filing, the failure to complete the acquisition was linked to the complexity and extended timelines associated with multi-jurisdictional regulatory and transactional processes, rather than a change in the group’s long-term ambitions in South Africa.
Commenting on the development, Access Bank’s Managing Director, Mr Roosevelt Ogbonna, said discussions around the transaction are still ongoing.
“We remain constructively engaged with stakeholders on this transaction towards finding a potential path to closure.
This initial outcome does not diminish our confidence in South Africa’s financial ecosystem. We remain focused on building Africa’s most respected financial institution, strengthening our trade finance capabilities and delivering long-term value to customers, partners and communities across all our markets,” Ogbonna said.
The group also thanked the board and management of Bidvest Bank for their cooperation throughout the process.
The stalled deal represents a pause in Access Bank’s Southern Africa expansion efforts, where it has sought to grow its footprint through targeted acquisitions. While it remains unclear whether both parties will renegotiate terms or restructure the agreement, the company’s statement suggests the transaction has not been formally terminated.
Since the deal was first announced, Bidvest Group classified Bidvest Bank as a discontinued operation in its unaudited financial results for the six months ended December 2024 and initiated a formal disposal process for Bidvest Bank and FinGlobal.
